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Compare three mortgages at one time.
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Please try my Java loan and mortgage calculators. They take a minute to load, but they are worth it! Each calculator has dynamic graphs and charts that change - right before your eyes - as you enter different information. Each financial calculator also includes a View Report option. The mortgage repayment schedule and other reports are fully customizable. These reports are designed for you to print out and keep...
How Much Should Your Income Be?
What income is required to qualify for a mortgage? That largely depends on your monthly debt payments and the current interest rate. This calculator collects these important variables and determines your required income to qualify for your desired mortgage amount.
Definitions
Desired mortgage amount
The total loan amount you are looking to qualify for.
Monthly housing expenses
Your monthly houses expenses from the housing expenses worksheet. The items entered as housing expenses make up the taxes and insurance portion of your monthly PITI payment.
Monthly liabilities
Your monthly liabilities from the liabilities worksheet. Your monthly liabilities are used to calculate your maximum PITI.
Monthly housing payment (PITI)
This is your total Principal, Interest, Tax and Insurance (PITI) payment per month. This includes your principal, interest, real estate taxes, hazard insurance, association dues or fees and principal mortgage insurance (PMI). Maximum monthly payment (PITI) is calculated by taking the lower of these two calculations:
Monthly Income X 28% = monthly PITI
Monthly Income X 36% - Other loan payments = monthly PITI
Maximum principal and interest (PI)
This is your maximum monthly principal and interest payment. It is calculated by subtracting your monthly taxes and insurance from your monthly PITI payment. This calculator uses your maximum PI payment to determine the mortgage amount that you could qualify for.
Start interest rates at
The current interest rate you could receive on your mortgage. This is used as the starting point for displaying a range of interest rates and the resulting mortgage amount.
Term in years
The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.
The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Steve Sober, e-PRO, ABR ERA Beasley Realty Associate Broker 146 S. Main Street Woodstock, VA. 22664 Please call me direct:: (540) 975-5678 Email: Steve@SteveSober.com
Here in the northern Shenandoah Valley of Virginia, amidst the ageless beauty of the Blue Ridge, Massanutten and Allegheny Mountains, people still wave and smile whenever they have an opportunity to express their thanks for each other's courtesy.
You'll see that I maintain that smile and work hard to earn them from colleagues, customers and clients! I love to show the area and it is a real pleasure to share my appreciation of the beauty of the Shenandoah Valley and the friendliness of its people.
If you would like to learn more about real estate in this area, please contact me to see how I might be able to help.
You can find
great local Virginia real
estate information on Localism.com Steve Sober is a proud member of the
ActiveRain Real Estate Network, a free online community to help real estate
professionals grow their business.
- NUMBER1EXPERT™ 
